ETF Research Center

Invesco India ETF

ALTAR
Score™

3.8%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	22.4x	P/Sales ratio	2.4x
P/BV ratio	3.7x	Div. yield	1.5%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco India Portfolio seeks investment results that correspond to the price and yield of the Indus India Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 05, 2008
Assets (mns)	$252
Currency	USD
Expense ratio	78 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	166
Wgt avg mkt cap (mns)	$57,845
Large cap (>$10bn)	81.4%
Mid cap ($2-10bn)	18.5%
Small cap (<$2bn)	0.1%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	43.2 %
RELIANCE INDUSTRIES LTD	8.8 %
INVESCO GOVERNMENT & AGENCY PORTFO	8.2 %
HDFC BANK LIMITED	7.6 %
INFOSYS TECHNOLOGIES LTD	4.4 %
TATA CONSULTANCY SVS LTD	3.5 %
BHARTI AIRTEL LIMITED	2.7 %
ICICI BANK LTD	2.3 %
LARSEN & TOUBRO LIMITED	2.1 %
HINDUSTAN UNILEVER LIMITED	1.8 %
MAHINDRA & MAHINDRA LTD.	1.7 %

TOP COUNTRY EXPOSURE
	INDIA	91.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.0%	32.3%	11.2%	9.2%	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.56	47%
MSCI EAFE	0.56	44%
MSCI Emg. Mkts.	0.42	27%

Technical Indicators
Recent close	$27.19
30d moving avg.	$24.21
Annualized volatility	14.4%
Short interest (ETF)	0.4%
Relative strength (RSI)	85

Liquidity measures
Avg. volume (thou.)	83
Turnover	0.9%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$1,372

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 138 potential alternatives to the Invesco India ETF ETF based on the alternatives' overlap in portfolio holdings with PIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PIN

Expense:

78 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIN
Ticker	Fund Name	Overlap¹ vs PIN (%)	Expense ratio (bp)	Savings vs PIN (bp)	ALTAR Score™ (%)	ALTAR vs PIN (%)
FLIN	Franklin FTSE India ETF	80.5	19	59	5.2	+1.5
INDA	iShares MSCI India ETF	76.6	65	13	3.7	-0.1
INDY	iShares India 50 ETF	63.6	89	-11	3.7	-0.1
EPI	WisdomTree India Earnings Fund	59.3	85	-7	6.6	+2.9
NFTY	First Trust India NIFTY 50 Equal Weight ETF	46.3	80	-2	6.1	+2.4
EEMO	Invesco S&P Emerging Markets Momentum ETF	35.2	29	49	6.2	+2.4
BKF	iShares MSCI BIC ETF	30.2	69	9	7.1	+3.3
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	26.6	32	46	7.6	+3.8
NDIA	Global X India Active ETF	25.4	75	3	6.5	+2.7
XC	WisdomTree Emerging Markets Ex-China Fund	23.2	32	46	6.2	+2.5
STXE	Strive Emerging Markets Ex-China ETF	22.7	32	46	6.9	+3.2
EMMF	WisdomTree Emerging Markets Multifactor Fund	21.0	48	30	9.4	+5.6
RNEM	First Trust Emerging Markets Equity Select ETF	20.6	75	3	8.2	+4.5
EMXC	iShares MSCI Emerging Markets ex China ETF	20.5	25	53	6.7	+2.9
JHEM	John Hancock Multifactor Emerging Markets ETF	19.6	49	29	8.3	+4.6
EEMA	iShares MSCI Emerging Markets Asia ETF	19.4	49	29	6.7	+2.9
FLAX	Franklin FTSE Asia Ex Japan ETF	18.3	19	59	7.2	+3.4
AAXJ	iShares MSCI All Country Asia ex Japan ETF	17.8	70	8	6.3	+2.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	17.4	25	53	7.0	+3.3
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	17.2	40	38	7.1	+3.4
GMF	SPDR S&P Emerging Asia Pacific ETF	16.7	49	29	6.4	+2.6
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	16.5	30	48	8.5	+4.8
EMGF	iShares Emerging Markets Equity Factor ETF	16.4	25	53	8.7	+4.9
LDEM	iShares ESG MSCI EM Leaders ETF	16.2	17	61	7.8	+4.0
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	16.1	24	54	7.1	+3.4
VWO	Vanguard FTSE Emerging Markets ETF	16.0	8	70	7.6	+3.8
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	15.8	36	42	7.5	+3.7
SCHE	Schwab Emerging Markets Equity ETF	15.8	11	67	7.6	+3.8
INCO	Columbia India Consumer ETF	15.8	75	3	1.6	-2.1
BKEM	BNY Mellon Emerging Markets Equity ETF	15.7	11	67	7.7	+3.9
INDF	Nifty India Financials ETF	15.2	75	3	6.0	+2.2
EMXF	iShares ESG Advanced MSCI EM ETF	15.2	16	62	7.4	+3.7
FEEM	FlexShares ESG & Climate Emerging Markets Core Index ETF	15.1	18	60	7.9	+4.1
EEM	iShares MSCI Emerging Markets ETF	15.1	69	9	7.0	+3.2
DEHP	Dimensional Emerging Markets High Profitability ETF	15.0	41	37	7.3	+3.5
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	14.6	45	33	8.6	+4.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	14.5	32	46	6.3	+2.5
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	14.5	95	-17	11.4	+7.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	14.4	66	12	7.2	+3.4
ROAM	Hartford Multifactor Emerging Markets ETF	14.2	44	34	11.7	+7.9
ESGE	iShares ESG Aware MSCI EM ETF	14.1	25	53	7.7	+3.9
IEMG	iShares Core MSCI Emerging Markets ETF	13.8	9	69	7.5	+3.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	13.7	30	48	7.5	+3.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	13.6	20	58	7.5	+3.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	13.6	15	63	7.1	+3.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	13.3	36	42	6.8	+3.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	13.1	33	45	7.2	+3.4
GLIN	VanEck India Growth Leaders ETF	12.7	77	1	5.3	+1.6
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	12.4	75	3	9.6	+5.8
SPEM	SPDR Portfolio Emerging Markets ETF	12.4	7	71	7.5	+3.7
DFAE	Dimensional Emerging Core Equity Market ETF	12.3	35	43	7.7	+4.0
AVES	Avantis Emerging Markets Value ETF	12.0	36	42	12.1	+8.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	11.8	50	28	10.5	+6.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	11.2	41	37	7.8	+4.1
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	11.2	39	39	12.5	+8.8
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	11.0	44	34	10.3	+6.5
FDEM	Fidelity Emerging Markets Multifactor ETF	10.8	25	53	11.9	+8.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	10.8	38	40	8.2	+4.5
INQQ	India Internet & Ecommerce ETF	10.7	86	-8	10.8	+7.0
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	10.7	86	-8	1.9	-1.8
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	10.7	86	-8	1.9	-1.8
PXH	Invesco FTSE RAFI Emerging Markets ETF	10.7	49	29	12.4	+8.7
DGIN	VanEck Digital India ETF	10.7	71	7	1.6	-2.1
AVEM	Avantis Emerging Markets Equity ETF	10.2	33	45	9.1	+5.3
DFEV	Dimensional Emerging Markets Value ETF	9.8	43	35	10.9	+7.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	9.5	59	19	9.6	+5.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	9.5	88	-10	6.2	+2.4
MINV	Matthews Asia Innovators Active ETF	9.3	79	-1	2.8	-0.9
EMM	Global X Emerging Markets ex-China ETF	8.1	75	3	3.7	-0.1
CGXU	Capital Group International Focus Equity ETF	7.8	54	24	4.1	+0.4
UEVM	VictoryShares Emerging Markets Value Momentum ETF	7.5	45	33	12.7	+9.0
ECON	Columbia Emerging Markets Consumer ETF	6.8	49	29	4.8	+1.0
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	6.6	60	18	10.0	+6.3
VIGI	Vanguard International Dividend Appreciation ETF	5.9	15	63	5.6	+1.8
FEM	First Trust Emerging Markets AlphaDEX Fund	5.5	80	-2	16.3	+12.5
ACWV	iShares MSCI Global Min Vol Factor ETF	5.2	20	58	6.7	+3.0
DEM	WisdomTree Emerging Markets High Dividend Fund	4.9	63	15	12.9	+9.2
EMC	Global X Emerging Markets Great Consumer ETF	4.9	75	3	4.9	+1.1
SMIN	iShares MSCI India Small Cap ETF	4.6	79	-1	4.3	+0.5
XCEM	Columbia EM Core ex-China ETF	4.5	16	62	7.4	+3.6
EEMS	iShares MSCI Emerging Markets Small Cap ETF	4.4	70	8	7.2	+3.5
ACWX	iShares MSCI ACWI ex U.S. ETF	4.2	34	44	6.7	+2.9
MEM	Matthews Emerging Markets Equity Active ETF	4.2	79	-1	5.7	+2.0
VEU	Vanguard FTSE All-World ex-US Index Fund	4.2	8	70	7.2	+3.4
FILL	iShares MSCI Global Energy Producers ETF	4.1	39	39	9.0	+5.2
VXUS	Vanguard Total International Stock ETF	4.1	7	71	7.1	+3.4
IXUS	iShares Core MSCI Total International Stock ETF	4.1	7	71	6.9	+3.2
NXTG	First Trust Indxx NextG ETF	4.0	70	8	6.0	+2.2
SCHY	Schwab International Dividend Equity ETF	4.0	14	64	9.3	+5.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	4.0	41	37	6.7	+2.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	3.5	30	48	7.8	+4.0
VSGX	Vanguard ESG International Stock ETF	3.3	12	66	6.8	+3.1
IGRO	iShares International Dividend Growth ETF	3.3	15	63	7.1	+3.3
IQDE	FlexShares International Quality Dividend Defensive Index ET	3.2	47	31	10.7	+6.9
EDIV	SPDR S&P Emerging Markets Dividend ETF	3.2	49	29	10.9	+7.1
CWI	SPDR MSCI ACWI ex-US ETF	3.1	30	48	6.8	+3.1
IQDF	FlexShares International Quality Dividend Index Fund	2.7	47	31	10.7	+7.0
EYLD	Cambria Emerging Shareholder Yield ETF	2.7	66	12	12.1	+8.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.6	47	31	10.3	+6.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.4	39	39	11.0	+7.2
FTAG	First Trust Indxx Global Agriculture ETF	2.4	70	8	9.1	+5.4
DVYE	iShares Emerging Markets Dividend ETF	2.1	49	29	16.6	+12.8
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	2.0	42	36	6.8	+3.1
LEGR	First Trust Indxx Innovative Transaction & Process ETF	1.8	65	13	8.4	+4.6
CGGO	Capital Group Global Growth Equity ETF	1.6	47	31	4.3	+0.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.6	20	58	5.6	+1.9
VYMI	Vanguard International High Dividend Yield ETF	1.5	22	56	9.7	+6.0
ACWI	iShares MSCI ACWI ETF	1.5	32	46	5.5	+1.7
VT	Vanguard Total World Stock ETF	1.5	7	71	5.8	+2.1
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Equity ET	1.5	20	58	10.7	+6.9
IWTR	iShares MSCI Water Management Multisector ETF	1.3	47	31	4.8	+1.1
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.3	67	11	17.5	+13.8
VEGI	iShares MSCI Agriculture Producers ETF	1.3	39	39	9.2	+5.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.3	12	66	5.1	+1.3
DGT	SPDR Global Dow ETF	1.3	50	28	6.7	+2.9
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.3	12	66	8.7	+5.0
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	1.2	58	20	10.1	+6.4
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	1.2	47	31	5.9	+2.2
GLOF	iShares Global Equity Factor ETF	1.2	20	58	7.1	+3.3
XT	iShares Exponential Technologies ETF	1.0	46	32	3.9	+0.1
DEW	WisdomTree Global High Dividend Fund	0.9	58	20	9.1	+5.4
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.9	46	32	8.8	+5.1
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.9	70	8	10.6	+6.9
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.6	78	0	8.8	+5.1
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.5	10	68	8.2	+4.4
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	0.5	45	33	6.2	+2.5
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.4	7	71	6.5	+2.8
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.4	79	-1	10.3	+6.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.4	49	29	5.8	+2.0
SAGP	Strategas Global Policy Opportunities ETF	0.3	65	13	4.5	+0.8
ICLN	iShares Global Clean Energy ETF	0.3	41	37	4.3	+0.5
AVRE	Avantis Real Estate ETF	0.3	17	61	6.6	+2.9
REET	iShares Global REIT ETF	0.3	14	64	7.1	+3.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	69	5.7	+2.0
SUPL	ProShares Supply Chain Logistics ETF	0.2	58	20	13.1	+9.3
DFGR	Dimensional Global Real Estate ETF	0.2	22	56	7.1	+3.3
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	33	3.3	-0.4
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.2	65	13	7.7	+3.9

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco India ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.0	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	78	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.39

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.